In 2022, football is definitely not coming home. In fact, it’s packing its bags and taking a job in Qatar, living in a shiny new villa with its own swimming pool, on a perfectly manicured street in an excellent school district. But it’s not just football that’s got people investing serious thought in Qatar. Those with their fingers on the pulse of the property market are also making some decisive moves to this corner of the Middle East.
For many, the idea of investing in property in Qatar begs the question: isn’t there a blockade to worry about? A fair question, the answer points to the numerous reasons Qatar is currently such a hotspot. In an unexpected twist, Qatar has taken the diplomatic crises that lead to a land, air and sea blockade imposed in 2017 by Saudi Arabia, the UAE, Bahrain and Egypt, and turned lemons into lemonade. Far from damaging the country’s infrastructure, it seems to have ignited a zest for innovation.
It’s highly self-sufficient, with Qatar Chamber’s First Vice-Chairman Mohamed bin Ahmed bin Towar Al Kuwari noting significant progress in industry and agriculture, there has been significant growth in investment and the private sector, and its National Vision 2030, which launched in 2008 with the idea of economic, social, human and environmental development continues uninhibited. The net result is that Qatar has one of the richest economies in the world, ranking 10 out of 63 high-income countries according to the World Competitiveness Yearbook 2019. In short, they are systematically creating a very nice place to live and work.
So how does it compare to other luxury property destinations around the world?
Competing on an international scale
Cities like London and New York are rich in historic buildings as well as being centres of industry. However, if you were going to build a city for modern life, you probably wouldn’t build either of them.
You would create properties with space for wellness facilities and swimming pools. You would design streets wide enough for contemporary vehicles. You would create amazing education systems, make fuel and private healthcare affordable and you would create an environment that supports wellbeing and happiness as well as luxury. You would build Doha, Al Khor and Lusail - pretty much any of the major cities in Qatar.
Welcoming outside investors
Qatar is a place that’s become increasingly popular with expats over the years. Slowly and steadily, it has built a reputation and an infrastructure for low taxes, a high quality of life, and an increasingly welcoming property market for overseas investors.
There are new rules, regulations and taxation exemptions for non-Qataris interested in the burgeoning property market. Meanwhile, foreigners are able to obtain freehold ownership in specific areas such as The Pearl, West Bay Lagoon, and Al Khor.
Alongside that, The rental market has tripled in recent years, with yields on luxury properties currently at around 12%. Meanwhile, transaction costs are low and processing property purchases is elegant and swift.
As the upcoming FIFA 2022 World Cup approaches it will only place a brighter spotlight on the area, providing more people with a reason to visit and discover the beauty of the area in the short and longer term. So Aside from providing superb living conditions, there’s a strong business argument for investing in luxury property in Qatar.
Quality of life
Of course, an investment is only going to prove strong if there’s long term security in it, and Qatar is clearly on a mission to not only encourage people to come, but make them want to stay as well.
While many areas that are popular with expats tend to hinge on the glamorous nature of a single lifestyle, one thing that particularly attracts people to live and invest in Qatar is its family friendly credentials. It has high standards of free education with The Ministry of Education and Higher Education setting out ambitious plans to further develop it to become a ‘world-class educational system’.
Free education is open to children of non-Qatari residents who work for the government, and there are a number of private schools as well, in line with international education programmes ranging from the Baccalaureate to A Levels.
More importantly, the country is considered uniquely safe, even when it comes to matters like petty crime, and healthcare is offered to a superbly high standard. They have a government subsidised healthcare system which foreigners can access by getting a Health Card, but private health coverage is also much more affordable in Qatar and is recommended to avoid any surprise bills.
All those reasons to invest in luxury property in Qatar, and we haven’t even got to the beach views, award-winning marinas, designer shopping and custom designed interiors yet…
Find out more about luxury property in Qatar https://qatarsothebysrealty.com